Tesla ($TSLA) shares dropped about 13.5% today to around $323 following yesterday's earnings report. Elon Musk described 2026 as a "massive CapEx year" with expected strong returns.

Google ($GOOGL) is scheduled to report earnings after today's market close. Expectations stand at roughly $120 billion in revenue and about $3 in EPS. The market is focused more on AI monetization than headline numbers, with an implied move of 5-5.5%.

Key Earnings Highlights

The most anticipated reports this week include $TSLA, $INTC, $GOOGL, $NOW, $NOK, $AMC, $IBM, $GEV, $TXN, and $HAL. Friday's pre-open reports feature $VZ, $AXP, $NEE, $CHTR, $SLB, and others.

IPO and S-1 Activity

IPO activity has been relatively quiet. AI chip startup Etched raised $300 million at a $10.3 billion valuation, led by Sequoia with participation from a16z, SK Hynix, and Jane Street. The valuation has doubled since December, with $1 billion in orders booked.

Bottom Line

Big Tech earnings season is in full swing, and stocks are no longer being rewarded as strongly for beats. Investors are particularly watching companies' ability to turn AI investments into tangible profits.